US Blockade of Hormuz Strait: Oil Prices Fall Despite Tensions
The US has initiated a blockade of Iranian ports, angering Tehran and creating uncertainty around the strategically important Hormuz Strait. Despite the tensions, oil prices declined and fell below $100, supported by hopes for negotiations following the collapse of peace talks in Islamabad. Data shows, however, that Chinese tankers under US sanctions, such as the Rich Starry, were able to pass through the strait despite the blockade.